Tue Dec 10 09:52:10 UTC 2024: ## Emerald Tyre IPO Oversubscribed 487 Times, Grey Market Premium Soars

**MUMBAI** – The initial public offering (IPO) of Tamil Nadu-based Emerald Tyre Manufacturers has been massively oversubscribed, closing on December 9th with a subscription rate of 487.90 times. The company aims to raise ₹49.26 crore through the IPO.

Non-institutional and retail investors were particularly enthusiastic, subscribing 913.1 times and 558.56 times their allotted quotas respectively. Qualified institutional buyers also showed strong interest, subscribing 195.6 times. This high demand led to a significant surge in the grey market premium, reaching 100%, up from 75-80% last week.

Emerald Tyre, established in 2002, manufactures off-highway tyres for various applications under the brand GRECKSTER. The company plans to use the IPO proceeds for capital expenditure, general corporate purposes, and offer expenses. Trading of Emerald shares will begin on the NSE Emerge platform on December 12th. This successful IPO follows other recent activity in the Indian market, including the upcoming IPO of International Gemmological Institute India. For further market updates and details on this and other IPOs, visit Moneycontrol.

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